85
85
Jan 17, 2013
01/13
by
CSPAN2
tv
eye 85
favorite 0
quote 0
that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross domestic product. you can see right in the middle of that graph, in 2012, the gross debt of the united states has now reached 104%. why does that matter? the best academic research, a book by rogoff of harvard, reinhard, the university of michigan i think she was when she did the study, look at 200 use of economic history. and concluded once you get a gross debt of more than 90% of your gross domestic product, your future economic prospects are dramatically reduced. future economic growth is reduced anywhere from 25 to 33%. so these are not just numbers
that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross...
82
82
Jan 15, 2013
01/13
by
CSPAN
tv
eye 82
favorite 0
quote 0
down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor laws, workplace safety laws, environmental regulations to protect, in a sensible fashion, the economy. foreign countries can sell them cheaper the in this country and i think that applies to automobiles as well. maybe the way to have these sensible regulations is to have a sensible tax along the line you are talking about. host: we are talking with freshman democrat from pennsylvania, rep cartwright. next caller. caller: the definition of the fault is not being able to pay your bills. -- the definition of default is not being able to p
down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor...
77
77
Jan 17, 2013
01/13
by
CSPAN
tv
eye 77
favorite 0
quote 0
he is a deficit hawk. more important than that he is a thoughtful and conscious -- voice of a conscious for the senate throughout his term on fiscal responsibility. we worked together in a very effective way to try to bring some sort of bipartisan effort into the requirement that we do something about the debt. it was really, as was mentioned, an idea that we came up with on a long plane ride i think to central america to put together a commission that then threw into the simpson bowls proposal that has become the defining memo for the effort to try to get that is under control. is fond of quoting a friend of his, the foreign minister of australia. we met a few months ago who said to him the united states is one debt deal away from leading the world out of fiscal chaos and disruption. we are. we truly are. we are a nation on the brink of massive economic expansion. from the place that can't is from, north dakota, you see the change in the paradigm on energy. we will go from an important country to exportin
he is a deficit hawk. more important than that he is a thoughtful and conscious -- voice of a conscious for the senate throughout his term on fiscal responsibility. we worked together in a very effective way to try to bring some sort of bipartisan effort into the requirement that we do something about the debt. it was really, as was mentioned, an idea that we came up with on a long plane ride i think to central america to put together a commission that then threw into the simpson bowls proposal...
200
200
Jan 21, 2013
01/13
by
FOXNEWSW
tv
eye 200
favorite 0
quote 1
again, everyone wants deficit reduction. they do not want debt pour on. >> do you believe there is still an appetite to cut spending? this is a walkway that will connect the white house and the reviewing stand and the motorcade is going to the south side of the white house behind the white house, and the back of this building right now and they go to the white house to this walkway just to get to this reviewing stand. you are looking at there and seeing what, robert? it seems like more gamesmanship in both sides with a brief window. >> the economy is better, that is clear. housing is coming back. there is alignment between the business community and the priorities of the executive office. immigration reform. education. corporate tax reform. we need the other things we mentioned, the debt ceiling happened first. otherwise, this is going to be an uncertain year. >> why didn't you get picked if treasury? ing in against jack lew but they need guys like you. >> i am very flattered. fox should start a campaign for me. very flatter
again, everyone wants deficit reduction. they do not want debt pour on. >> do you believe there is still an appetite to cut spending? this is a walkway that will connect the white house and the reviewing stand and the motorcade is going to the south side of the white house behind the white house, and the back of this building right now and they go to the white house to this walkway just to get to this reviewing stand. you are looking at there and seeing what, robert? it seems like more...
100
100
Jan 17, 2013
01/13
by
CSPAN
tv
eye 100
favorite 0
quote 0
you have the looming federal deficit, but you also have this deficit in infrastructure. what it takes to sustain mobility, the economy, society. we can't ignore one by taking care of the other. there has to be a package deal. the simpson-bowles commission recognized it had to be part of the package. you have to demand that transportation be part of this overall solution that is put together and get into whether ideas have a better chance of enactment. but what our stance is, if you simply go to the republican caucus and say, let's raise taxes, they'll throw you out of the room. but if you go to them with a proposition, can we reduce the deficit of $150 billion? can we make the program pay its own way and can we sustain jobs and the solvency of the highway trust fund all in one, i think we'll have something to go on. again, thank you so much for the cary award. we value this and i appreciate the recognition and we want to commitment our -- continue our commitment to research and debate opportunity to share with you the thoughts on this idea. what you heard the secretary s
you have the looming federal deficit, but you also have this deficit in infrastructure. what it takes to sustain mobility, the economy, society. we can't ignore one by taking care of the other. there has to be a package deal. the simpson-bowles commission recognized it had to be part of the package. you have to demand that transportation be part of this overall solution that is put together and get into whether ideas have a better chance of enactment. but what our stance is, if you simply go to...
67
67
Jan 17, 2013
01/13
by
CSPAN2
tv
eye 67
favorite 0
quote 0
impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer retirement than had occurred in 1995. this is a very serious issue. currently the social security retirement is a pay-as-you-go system that provides more annual benefits than the payroll tax collectors. if left alone, this eventually will lead to insolvency particularly with the rapidly increasing number of baby boomers retire in every day as was referred to by maya and louis. there isn't time today nor do i have the proven expertise to suggest specific solutions it's important that the contras and the administration analyze acceptable me
impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer...
91
91
Jan 17, 2013
01/13
by
CSPAN
tv
eye 91
favorite 0
quote 0
] [applause] [applause] >> former senators kent conrad and judd gregg lead a discussion on debt and deficit issues like it 8:30 a.m. here on c-span 2. at 1:00 p.m. eastern, new immigration legislation, live from the national press club on c-span 2. >> why did you write a book about your experience? >> it was an important part of history. i felt the fdic perspective should be brought to bear. there had been some other accounts of the crisis that i thought were not completely accurate, especially in terms of what we did and what i did so with the was important for a historical record to present our perspective and also, currently, for people to understand that there were different policy choices, a different policy options and disagreements and that if we want to prevent this crisis from happening again, i really felt the public themselves need to engage more in financial reform and educate themselves better and make it an issue with their elected officials. i wanted to make the book accessible and i had recommendations to help them do that. >> the former head of the federal deposit insurance
] [applause] [applause] >> former senators kent conrad and judd gregg lead a discussion on debt and deficit issues like it 8:30 a.m. here on c-span 2. at 1:00 p.m. eastern, new immigration legislation, live from the national press club on c-span 2. >> why did you write a book about your experience? >> it was an important part of history. i felt the fdic perspective should be brought to bear. there had been some other accounts of the crisis that i thought were not completely...
109
109
Jan 13, 2013
01/13
by
CSPAN2
tv
eye 109
favorite 0
quote 0
and with new york's budget deficit, it seems obvious that hydrofracking is the way to go. and, of course, governor cuomo is free to set whatever regulations he wants about that to ensure the safety of quality and other things that residents are concerned about. i would say that the project should proceed. it's brought benefit to other states. there's no reason that new york should be left behind. >> okay. right in front. wait for the mic a fun. >> you get very good examples of unsuccessful creations of new green jobs. had also looked at elimination of existing jobs like really good cost-benefit analysis done for regulations? >> the cost-benefit analysis for mercury was a travesty. if you look at the cost-benefit analysis carefully, all the benefits from reducing mercury came from getting rid of particulates and particulates were not the focus of that particular regulation. and what was interesting is the benefits focus on additional days of school. in other words, a few days of schools miss, two days of work missed because of lower levels of particulates, and particularly
and with new york's budget deficit, it seems obvious that hydrofracking is the way to go. and, of course, governor cuomo is free to set whatever regulations he wants about that to ensure the safety of quality and other things that residents are concerned about. i would say that the project should proceed. it's brought benefit to other states. there's no reason that new york should be left behind. >> okay. right in front. wait for the mic a fun. >> you get very good examples of...
7
7.0
tv
eye 7
favorite 0
quote 0
reduction at this is so cool the part of the gods of the deficit reduction in one sentence which would give consumers the ability to opt into it into a government run health insurance plan in the obamacare exchanges bill sponsored congresswoman jan schakowsky said of the bill quote the public option deficit reduction act will give health care consumers more choices and lower their premiums and by providing a low cost alternative to private insurance it would put pressure on all insurers to lower their premiums in order to compete so is in the public option the best way to lower health care costs the united states at no why not we are already at a point where we're looking at a bill to fix a problem that's already been created as we saw law just this week democrats and republicans in the in congress are faced with having to update the mandate because as it stands they're not going to be able to get enough money to fully fund the system that they've already so let's toss the public option in there it's going to be less expense is the ready is forcing or when the make a purchase and it's
reduction at this is so cool the part of the gods of the deficit reduction in one sentence which would give consumers the ability to opt into it into a government run health insurance plan in the obamacare exchanges bill sponsored congresswoman jan schakowsky said of the bill quote the public option deficit reduction act will give health care consumers more choices and lower their premiums and by providing a low cost alternative to private insurance it would put pressure on all insurers to...
382
382
Jan 18, 2013
01/13
by
FOXNEWSW
tv
eye 382
favorite 0
quote 0
leading republicans are saying without a budget that includes a real plan to reduce the deficit, the nation faces the threat of a credit downgrade. bret? >> bret: mike, thank you. sticking with the tet and deficit issues, lawmakers on both sides of the aisle are talking about what to do in a worse case scenario. the government not having enough money to pay its bills. chief political correspondent carl cameron reports on a possible short-term solution that is getting a long look by some people. >> with the white house refusing to negotiate spending cuts and the democrat controlled senate unlikely to pass a budget as part of a long-term deal to raise the tet ceiling, pat toomey of pennsylvania is reintroducing legislation he says will avert the u.s. from defaulting on the debt. >> we must prioritize three categories of payments. one would be debt service, interest on the debt so we would haven't default. a second would be social curt payment to seniors so they don't worry whether the check is coming or not. the third is pay for the active duty military personnel. >> the white house is
leading republicans are saying without a budget that includes a real plan to reduce the deficit, the nation faces the threat of a credit downgrade. bret? >> bret: mike, thank you. sticking with the tet and deficit issues, lawmakers on both sides of the aisle are talking about what to do in a worse case scenario. the government not having enough money to pay its bills. chief political correspondent carl cameron reports on a possible short-term solution that is getting a long look by some...
111
111
Jan 20, 2013
01/13
by
WJLA
tv
eye 111
favorite 0
quote 0
you sll have an $800 billi deficit. it would likely shrink the ecomy so you're not would b be smaller. we're getting to the point -- we cannot tax ouray out. that is why we wilill be downgraded.. >> that is it for our roundtable. we will be back with some closing notes after the break. >> thank you for joining us. you have options on how to connect with "washington business report." twter, facebook, and youan find a streaeamingersi of the show on wjla.com. we hope to see you back again next sunday. thank you for joining us. ♪ ♪ ♪ ♪ [ multiple sounds making melodic tune ] ♪ ♪ [ male announcer ] at northrop grumman, every innovation every solution comes together for a single purpose -- to make the world a safer place. that's the value of performance. northrop grumman. o0 c1 we're sitting on a bunch of shale gas. there's natural gas under my town. it's a game changer. ♪ ♪ it means cleaeaner, cheaper american-made e energy. but we've got to be careful how we get it. design the wells to be safe. thousands of
you sll have an $800 billi deficit. it would likely shrink the ecomy so you're not would b be smaller. we're getting to the point -- we cannot tax ouray out. that is why we wilill be downgraded.. >> that is it for our roundtable. we will be back with some closing notes after the break. >> thank you for joining us. you have options on how to connect with "washington business report." twter, facebook, and youan find a streaeamingersi of the show on wjla.com. we hope to see...
234
234
Jan 14, 2013
01/13
by
MSNBCW
tv
eye 234
favorite 0
quote 0
and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. we are not a deadbeat nation. >> thank goodness. but next, news flash, we already hit the ceiling two weeks ago. and the treasury's been using, quote, extraordinary measures to pay its bills. what does that even mean? the money shuffle can't last forever. the u.s. is out of money to pay its bills, it's already spent in less than four weeks. i have cousins that do that. they play to hold the debt ceiling hostage. aides say half the conference is ready to let the nation default. speaker boehner will school them on the real threat later this week. even a temporary extension for, say, two or three months could rattle the markets and threaten the nation's credit rating. last time they hashled out a debt deal? summer of 2011 and we ended up more than a trillion dollars in mandatory spending cuts and congress still hasn't addressed and delayed again until marc
and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. we are not a deadbeat nation. >> thank goodness. but next, news flash, we already hit the ceiling two weeks ago. and the treasury's been using, quote, extraordinary measures to pay its bills. what does that even mean? the money shuffle can't last forever. the u.s. is out of money to pay its bills, it's...
54
54
Jan 16, 2013
01/13
by
CSPAN2
tv
eye 54
favorite 0
quote 0
deficit now exceeds 100% of debt gdp ratio. so we may be experiencing the initial tax of extended deficit financing. the longer-term problem is to a very large extent a product of key entitlement programs that are an important part of the nation's safety net for the elderly. the growth of spending in the nation's entitlement programs can help a program secure for current and future workers than we think that's very important. by 2035, there will be only two workers per beneficiary to 60 federal retiree who have 50% longer retirement than encouraging 1895. so this is a serious issue. currently the social security retirement is a pay-as-you-go system that provides for and no benefits and tax collects. this will lead to insolvency, particularly with the increasing number of baby boomers retiring every day is referred to by maia and lewis. others news, nor do i have the program make expertise necessary to suggest solutions, it's important that congress and allies acceptable methods to assure that these programs to retirees. reforms
deficit now exceeds 100% of debt gdp ratio. so we may be experiencing the initial tax of extended deficit financing. the longer-term problem is to a very large extent a product of key entitlement programs that are an important part of the nation's safety net for the elderly. the growth of spending in the nation's entitlement programs can help a program secure for current and future workers than we think that's very important. by 2035, there will be only two workers per beneficiary to 60 federal...
110
110
Jan 15, 2013
01/13
by
CSPAN
tv
eye 110
favorite 0
quote 0
the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and then we can move on, because america has a lot to do. we have to create more jobs, boost the wages of those that have worked and reached for energy independence, reformed immigration system. we have to give our children the best education possible and do everything we can to protect them from the horrors of gun violence. i am grateful to vice president biden for his work on this issue of gun violence and for his proposals, which i will review later today and address in the next few days and intend to vigorous
the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and...
94
94
Jan 14, 2013
01/13
by
CSPAN2
tv
eye 94
favorite 0
quote 0
violent neighborhoods, poverty, homelessness, food insufficiency, you just can't overcome those kind of deficits by providing head start education program. so that's where the book began. and most o the people advised me said, well, it's a very interesting book. i'm sure you'll get on fox tv. my goal was not to be a critic. i said, let me do part two of the book, to calm people down and say there are some social programs that are quite effective, and maybe we can learn a lesson from them. the big quiz that in the course of writing the book i conducted and bored to death my wife and my children, was, let me sit down with everybody i know and tell me the three government programs that have been the most effective in, say, the last 65 years. almost every one of my academy friends would say head start and i would say, wrong. no evidence it works. the most effective government program is in sort of chronological order, social security, the g.i. bill, 1944, and medicare in 1965. now, there will be some pushback about that. even u.s.a. today had an editorial today that said social security is a pay as
violent neighborhoods, poverty, homelessness, food insufficiency, you just can't overcome those kind of deficits by providing head start education program. so that's where the book began. and most o the people advised me said, well, it's a very interesting book. i'm sure you'll get on fox tv. my goal was not to be a critic. i said, let me do part two of the book, to calm people down and say there are some social programs that are quite effective, and maybe we can learn a lesson from them. the...
77
77
Jan 14, 2013
01/13
by
CSPAN
tv
eye 77
favorite 0
quote 0
the consensus is we need 4 trillion dollars to stabilize the debt, deficit. that means we need 1.5 trillion dollars more. the package i authorized to the speaker before the new year would achieve that. we were actually fairly close in terms of arriving at that number. so if the goal is to make sure we're being responsible about the debt and the deficit, it that if the conversation we're having, i am happy to have that conversation. by closing additional loopholes through tax reform, which the speaker has acknowledged can raise money in a sensible way, and by doing some additional cuts, including making sure we are reducing the health care spending, the main driver of the deficit, we can arrive at a package to get this thing done. i am happy to have that conversation. what i will not do is to have that that negotiation with a gun at the head of the american people, the threat that unless we get our way, unless you have medicare or medicaid or otherwise/things that the american people do not believe should be slashed that we will threatened to wreck the entire
the consensus is we need 4 trillion dollars to stabilize the debt, deficit. that means we need 1.5 trillion dollars more. the package i authorized to the speaker before the new year would achieve that. we were actually fairly close in terms of arriving at that number. so if the goal is to make sure we're being responsible about the debt and the deficit, it that if the conversation we're having, i am happy to have that conversation. by closing additional loopholes through tax reform, which the...
144
144
Jan 21, 2013
01/13
by
KQED
tv
eye 144
favorite 0
quote 0
it is the congress decides how big the deficit will be but the president has to work with congress. we need more revenue and we need to drive down spending. i think the president understands that and he is working on this but he cannot do this alone. >> looking forward to the next four years, do you see an america that is retreating? >> i see an american -- an america that is moving to asia. the america they are focusing on asia but have not forgotten about europe and our new allies, and this is an america that is still concerned about issues in the middle east and other parts of the world. but america cannot do everything for everybody. if you think america will become isolationist, that will not happen. >> the world has such high expectations for this president. his single biggest problem was said to be high expectations. >> does any politician ever meet all of the campaign expectations. you come in with an agenda and you do the best that you can. you will succeed on some issues and you will not succeed and there will be a tie on some issues. and the president understands with the
it is the congress decides how big the deficit will be but the president has to work with congress. we need more revenue and we need to drive down spending. i think the president understands that and he is working on this but he cannot do this alone. >> looking forward to the next four years, do you see an america that is retreating? >> i see an american -- an america that is moving to asia. the america they are focusing on asia but have not forgotten about europe and our new...
168
168
Jan 19, 2013
01/13
by
FOXNEWSW
tv
eye 168
favorite 0
quote 0
is reduce the federal deficit a worthy goal? this is interesting you may recall white house press secretary made news by stating that deficit reduction is, quote not a worthy goal onto itself. 77% of voters disagree with them and that includes large majorities of republicans, independents and democrats. what is your take on this? >> again i don't want to be a downer here, the question is what urgency to do they place on that. we had an election two months ago where there were two candidates, one was more focused on cutting the deficit and reducing our long term debt and one didn't think it was a big concern. the one who didn't think it was a big concern won the election. yes, voters seem to say that is an issue they agree with, but when it came to election day two months ago that certainly wasn't one of the top issues they voted on because they voted for the candidate who wasn't embody go it. >> heather: through his actions, as well. that leads to this, how f or if it should be raised? should the debt limit be raised again, 23%
is reduce the federal deficit a worthy goal? this is interesting you may recall white house press secretary made news by stating that deficit reduction is, quote not a worthy goal onto itself. 77% of voters disagree with them and that includes large majorities of republicans, independents and democrats. what is your take on this? >> again i don't want to be a downer here, the question is what urgency to do they place on that. we had an election two months ago where there were two...
206
206
Jan 21, 2013
01/13
by
WUSA
tv
eye 206
favorite 0
quote 0
fixing the budget deficit, the federal budget was the most important to 13%. only 5% thought tax reform was important. and you may be looking at this poll and thinking, well, what happened to the war in afghanistan? well, there it is, it comes in at 4%, health care at 5% ending the war in afghanistan the most important priority for only 4% of the american people. but we should not ever forget that as we sit here today approximately 60,000 americans are fighting in afghanistan. the president is drawing those troops down but we have a long way to go yet in that war that is now more than ten years old. john dickerson our cbs news political director, he's down on the national mall, john, you see that 35% by far the largest majority of people in our poll think the president needs to be working on the economy. >> that's still the single most important issue for the president, much further down or much smaller percentage want them work on the deficit. really the deficit and getting the budget picture in order, ending these endless confrontations over the budget will
fixing the budget deficit, the federal budget was the most important to 13%. only 5% thought tax reform was important. and you may be looking at this poll and thinking, well, what happened to the war in afghanistan? well, there it is, it comes in at 4%, health care at 5% ending the war in afghanistan the most important priority for only 4% of the american people. but we should not ever forget that as we sit here today approximately 60,000 americans are fighting in afghanistan. the president is...
105
105
Jan 14, 2013
01/13
by
CSPAN
tv
eye 105
favorite 0
quote 0
the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more than debt reduction. they have a vision about what government should and should not do. they are suspicious about government policy commitment to make sure that seniors have decent health care as they grow older. they have suspicions about social security. they have suspicions about whether government should make sure that kids in poverty are getting enough to eat or whether we should be spending money on medical research. they have a particular view about what government should do and should be. that deal was
the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more...
216
216
Jan 14, 2013
01/13
by
KTVU
tv
eye 216
favorite 0
quote 0
ironically, the whole fiasco actually added to the deficit. so it shouldn't be surprising given all of this talk about the -- that the american people think washington is helping there -- rather than hurting. let's finish this debate. let's give our businesses and the world the certainty that our economy and reputation are still second to none. we pay our bills, we handle our business. and then we can move on because america has a lot to do. we have to create more jobs. we have to boost wages and we have to reach for energy independence. we have to give our children the best education possible and we have to do everything we can to protect them from the horrors of gun violence. let me say i'm grateful to vice president biden for his work on the -- on this issue, gun control violence and for his proposals, that i will be reviewing today and intend to vigorously pursue. >> with that i'm gonna take some questions and i'm gonna start with julie of a.p. and i want to congratulate her for this new important job. >> thank you very much. >> i wanted t
ironically, the whole fiasco actually added to the deficit. so it shouldn't be surprising given all of this talk about the -- that the american people think washington is helping there -- rather than hurting. let's finish this debate. let's give our businesses and the world the certainty that our economy and reputation are still second to none. we pay our bills, we handle our business. and then we can move on because america has a lot to do. we have to create more jobs. we have to boost wages...
57
57
Jan 15, 2013
01/13
by
CSPAN2
tv
eye 57
favorite 0
quote 0
it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in a deal, it certainly went part way, but leaves a number of issues still on the table. would you care to raise that as an additional fiscal cliff that is facing us? would you think that it's not as concerning as it was when you raise that term initially? >> as i said the fiscal cliff, if it is allowed to take place, it probably would have traded a recession this year. a good bit of that has been addressed. nevertheless, we stil
it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its...
67
67
Jan 15, 2013
01/13
by
CSPAN
tv
eye 67
favorite 0
quote 0
the deficit. so it shouldn't be surprising, given all this talk, that the american people think washington is hurting, rather than helping, the country at the moment. they see their representatives consumed with partisan brinksmanship over paying our bills, while they overwhelmingly want us to focus on growing the economy and creating more jobs. so let's finish this debate. let's give our businesses and the world the certainty that our economy and our reputation are still second to none. we pay our bills. we handle our business. and then we can move on -- because america has a lot to do. we've got to create more jobs. ofve got to boost the wages those who have work. we've got to reach for energy independence. we've got to reform our immigration system. we've got to give our children the best education possible, and we've got to do everything we can to protect them from the horrors of gun violence. and let me say i'm grateful to vice president biden for his work on this issue of gun violence and fo
the deficit. so it shouldn't be surprising, given all this talk, that the american people think washington is hurting, rather than helping, the country at the moment. they see their representatives consumed with partisan brinksmanship over paying our bills, while they overwhelmingly want us to focus on growing the economy and creating more jobs. so let's finish this debate. let's give our businesses and the world the certainty that our economy and our reputation are still second to none. we pay...
147
147
Jan 14, 2013
01/13
by
KQED
tv
eye 147
favorite 0
quote 0
and japan famously has run deficits year after year. and it has a level of debt that is about twice what we've got as a share of gdp. and people have been predicting financial catastrophe for japan year after year for ten years or more. they've had downgrades. their debt was downgraded in 2002 by the major rating agencies. and everybody who believed those warnings and everybody -- has lost a lot of money. so it turns out that if you're an advanced country with its own currency and a reasonably stable government, you have a lot of running room on these things. so am i worried? yeah, i mean, i am worried about the u.s. fiscal situation 20 years from now. we do have a problem of health care costs and so on. but, you know, i'm worried about a lot of other things 20 years as well. i'm not sure that even if you take that long term perspective, that the budget should be at the top of your list of things to be afraid of. i'm a lot more afraid, actually, of the great -- the entire southwest of the united states turning into a dustbowl because of
and japan famously has run deficits year after year. and it has a level of debt that is about twice what we've got as a share of gdp. and people have been predicting financial catastrophe for japan year after year for ten years or more. they've had downgrades. their debt was downgraded in 2002 by the major rating agencies. and everybody who believed those warnings and everybody -- has lost a lot of money. so it turns out that if you're an advanced country with its own currency and a reasonably...
161
161
Jan 21, 2013
01/13
by
MSNBCW
tv
eye 161
favorite 0
quote 0
what is the big vision for america from the republican party other than cutting the deficit? other than tackling debt? i don't think we've heard anything articulated on the level that the president did today and certainly in recent months from the right. and so in that way, you know, much respect to the chairman, we are friends and i respect his opinion, but i have not heard anything from the right that would counter the notion that the party is very much -- >> michael needs -- >> but my point isn't on policy. yeah, we're going to disagree -- the president laid out a collectivist agenda today and that's very clear. sgroo a collectivist agenda. >> yeah, where he said the individual can't succeed without the collective and that's just not true in the view of a lot of republicans. but that's not my point. my point was speaking to what howard was raising was that, you know, this broad brush that republicans are right now with their head in their soup lamenting the moment and i'm saying that's not necessarily true across the board. >> collectivist, where would it fit between maois
what is the big vision for america from the republican party other than cutting the deficit? other than tackling debt? i don't think we've heard anything articulated on the level that the president did today and certainly in recent months from the right. and so in that way, you know, much respect to the chairman, we are friends and i respect his opinion, but i have not heard anything from the right that would counter the notion that the party is very much -- >> michael needs -- >>...
100
100
Jan 21, 2013
01/13
by
FBC
tv
eye 100
favorite 0
quote 0
david: so will america have to learn to live with the european-sized deficit? let's ask gerry seib, the "wall street journal" political editor. first of all, why are you here in new york when the inauguration is in d.c.? >> too much insanity down there. david: all right. he made a reference to the deficit but immediately followed that reference with a big but, he said we have to cut the deficit but we need to continue to spend more money for a bigger government? >> i think you have to think of this inaugural as having messages for both republican opposition and also his own base. i think the message to republicans was look, i have an agenda for a second term. it is going to include some things we didn't get around to like climate control in the first term because we were dealing with an economic crisis, and to his base he's saying look i'm not going to give in, i'm not going to cave because he's under some pressure from the left from people who say you have given up too much, you haven't talked about the poor enough. david: there are other democrats who are say
david: so will america have to learn to live with the european-sized deficit? let's ask gerry seib, the "wall street journal" political editor. first of all, why are you here in new york when the inauguration is in d.c.? >> too much insanity down there. david: all right. he made a reference to the deficit but immediately followed that reference with a big but, he said we have to cut the deficit but we need to continue to spend more money for a bigger government? >> i think...
194
194
Jan 16, 2013
01/13
by
CNBC
tv
eye 194
favorite 0
quote 0
the deficit isn't the product of spending. the economic down turn has left americans making less money in terms of spending. >> we spend each year more than we brought in. >> spending and revenue. our revenue has decreased and american -- >> i got to go. >> i got to go. >> spending budgets they have gone up under president obama and have held at $3.5 billion each year. >> i got to go. we can continue it another time. >> but it is also economic growth which it self might be a function of taxes and spending. if this economy were growing, you would have a substantially lower budget deficit. gentlemen we will welcome you back another time. >> there is at least one state in the northeast that gets it. natural gas shale and it is pennsylvania and the republican governor tom corebet is about to join us. he picks up support from chuck schumer who didn't get an apology for the anti-israel statements. if we were growing at 5% instead of 2% we would be close to a balanced budget today. i'm kudlow we will be right back. at 1:45, the aflac
the deficit isn't the product of spending. the economic down turn has left americans making less money in terms of spending. >> we spend each year more than we brought in. >> spending and revenue. our revenue has decreased and american -- >> i got to go. >> i got to go. >> spending budgets they have gone up under president obama and have held at $3.5 billion each year. >> i got to go. we can continue it another time. >> but it is also economic growth...
118
118
Jan 19, 2013
01/13
by
CSPAN
tv
eye 118
favorite 0
quote 0
it doesn't create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating, shane, i know how we can improve our credit rating. we will pay your credit card bills. that is not the best way to improve your credit rating. all of these issues are important, but it is very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its bills. >> and number of people have expressed concern about how much of the chill news were addressed in the deal. it went part way, but it leaves a number of issues still on the table and negotiations are looming. would you characterize that as an additional cliff that is facing us? or is it not as concerned as it was when you raised that term initially? >> as i said, the fiscal kloof, if allowed -- the fiscal clef, if allowed to take place, would probably create a recession this year. a good part of that has been addressed. but nevertheless, we have a set of a r
it doesn't create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating, shane, i know how we can improve our credit rating. we will pay your credit card bills. that is not the best way to improve your credit rating. all of these issues are important, but it is very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its...
409
409
Jan 21, 2013
01/13
by
KTVU
tv
eye 409
favorite 0
quote 0
the debt, deficit, entitlement reform. immigration, foreign policy problems tend to be incredibly important in second terms as presidents realize, while they become lame ducks that advancing domestic agenda legislation is very difficult. we'll see the president likely travel more and deal with much of his international legacy. trying to wrap up his second term as best he can with so much unfinished foreign policy business he inhurted from bush administration. buckle up, jeff. not with standing the poet's kind words and the president's lofty rhetoric, washington tomorrow goes back into the being the political crawl city it has been in past years and likely to escalate more so. happy day, shep. shepard: happy day. at least we have today and men and women from both political parties, from the far right, far left and all of those in the middle, they're about to sit down for some individual tils. happy they are all are, dvittles. secretary lew and the rest for new cabinet sick tears all with fights ahead. we seen former preside
the debt, deficit, entitlement reform. immigration, foreign policy problems tend to be incredibly important in second terms as presidents realize, while they become lame ducks that advancing domestic agenda legislation is very difficult. we'll see the president likely travel more and deal with much of his international legacy. trying to wrap up his second term as best he can with so much unfinished foreign policy business he inhurted from bush administration. buckle up, jeff. not with standing...
53
53
Jan 17, 2013
01/13
by
CSPAN2
tv
eye 53
favorite 0
quote 0
we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a deficit, an important urgent need to address the issue of energy and independence and opportunity that's sitting right in front of us ready to be advanced in the next year or two, but that requires leadership and initiative in washington and immigration reform, again, the subject that was discussed before. one more word, finally, about the process. for this, i go back to an earlier part of my life as a professor of law and one of the subjects i taught every year was negotiation. negotiation of a variety of contacts from international to commercial and transactional to labor management dispu
we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a...
426
426
Jan 20, 2013
01/13
by
KNTV
tv
eye 426
favorite 0
quote 1
you're going to need more revenues as well as more cuts to get the deficit down. and i've talked to leader reid. i've talked to budget chair murray. we're going to do a budget this year. and it's going to have revenues in it. and our republican colleagues better get used to that fact. >> senator cruz? >> david, i'll mention there was an area of substantial agreement with what chuck just said. he said we should never, ever compromise the full faith and credit of the united states. i agree. and in fact, there is a bill that i am co-sponsoring, the full faith and credit act, which provides that, regardless of what happens to the debt ceiling, the united states will always, always, always meet its debt. we will never default on its debt. that was introduced in 2010. it didn't pass because harry reid and president obama didn't want it to pass. they wanted to raise the specter of a default to use. so, chuck, you and i could make news right now on national television, would you agree to support the full faith and credit act and take the possibility of a default off the t
you're going to need more revenues as well as more cuts to get the deficit down. and i've talked to leader reid. i've talked to budget chair murray. we're going to do a budget this year. and it's going to have revenues in it. and our republican colleagues better get used to that fact. >> senator cruz? >> david, i'll mention there was an area of substantial agreement with what chuck just said. he said we should never, ever compromise the full faith and credit of the united states. i...
116
116
Jan 18, 2013
01/13
by
CSPAN2
tv
eye 116
favorite 0
quote 0
and i remembered some of the earlier deficit reduction battles we had. i voted for virtually all of them. and i was thinking what is changed since those debates? and i think there have been two major changes. number one the deficit is clearly much greater, and that's an added dimension. but secondly, the -- when i think of the ways & means committee, what a change there's been in the competition. when i joined ways & means, barbara had just left the ranking member, and he then went the world bank. i worked with bill frenzel on trade. bill archer was handling the tax material, mainly and bill was working on health care. i think a second major change that effects the debate is changing composition of the republican party. i think it has moved very much more to the right describe it from the days when i joined the committee. and i think that makes it very much more difficult to handle the problems that we have before us. so let me just comment briefly on where we are. you heard the president yesterday. we've had spending cuts of a billion and a half or tril
and i remembered some of the earlier deficit reduction battles we had. i voted for virtually all of them. and i was thinking what is changed since those debates? and i think there have been two major changes. number one the deficit is clearly much greater, and that's an added dimension. but secondly, the -- when i think of the ways & means committee, what a change there's been in the competition. when i joined ways & means, barbara had just left the ranking member, and he then went the...
151
151
Jan 21, 2013
01/13
by
WRC
tv
eye 151
favorite 0
quote 0
the 49ers overcame a record 17-point deficit to beat the atlanta falcons 28-24. the super bowl will be played in new orleans on february 3rd. >>> and that's a look at some of the other stories making news had morning. up next, we'll take you back live to the capitol when our special inauguration day edition of "news4 today" continues. >>> the world will be watching this stage in just a few short hours. this is a live picture from the steps of the united states capitol. you can see it is a very busy place already this morning. everything is in place. as we speak, a mass movement of about a half million people on its way to the mall. good morning everyone. welcome back to this special inauguration edition of "news4 today"ment i'm aaron gilchrist. >>> i'm eun yang. take a look at this crowd gathered outside the farragut north metro station. we'll go live will in a moment. let's check the forecast. >>> you may have noticed the folks bundted up big time this morning. >> they're doing the right thing. it's cold. it's below freezing. tom kierein. starting with high clou
the 49ers overcame a record 17-point deficit to beat the atlanta falcons 28-24. the super bowl will be played in new orleans on february 3rd. >>> and that's a look at some of the other stories making news had morning. up next, we'll take you back live to the capitol when our special inauguration day edition of "news4 today" continues. >>> the world will be watching this stage in just a few short hours. this is a live picture from the steps of the united states...
102
102
Jan 15, 2013
01/13
by
MSNBCW
tv
eye 102
favorite 0
quote 0
and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills is irresponsible. it's absurd. >> the country defaults on its debt, republicans will take the blame for the damage, as president obama pointed out, the country is required by law to pay for what congress spends. >> congress authorizes spending. they order me to spend. they tell me you need to fund our defense department at such and such a level. you need to send out social security checks. you need to make sure that your paying to care for our veterans. they lay all this out for me. and because they have the spending power. and so i am required by law to go ahead and pay these bills. >> many republicans are willing to just let it all burn to the ground. politico reported more and morehouse republicans are planning to damage the economy. gop officials said more than half of their members are prepared to allow default unless president obama agrees to dramatic cuts. he has repeatedly sai
and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills is irresponsible. it's absurd. >> the country defaults on its debt, republicans will take the blame for the damage, as president obama pointed out, the country is required by law to pay for what congress spends. >> congress authorizes spending. they order me to spend. they tell me you need to fund our defense department at such...
133
133
Jan 17, 2013
01/13
by
MSNBCW
tv
eye 133
favorite 0
quote 0
it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military health care costs for years. >> sharply rising health care costs are consuming an ever-larger share of this department. growing from 19 billion in 2001. >> military health care costs have gone up 300% in the past decade. 2012 was the first year since 1995 military personnel saw an increase in health care premiums. now, there are two things republicans love, the military and reducing the deficit. republican should be thrilled with the public option. how can you make a hundred billion dollar mistake? who's doing the math? will it save or won'
it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military health care costs...
133
133
Jan 18, 2013
01/13
by
WUSA
tv
eye 133
favorite 0
quote 0
. >> which would put a little hole in the deficit. >> the administration does not support blowing up planets. why would we spend countless taxpayer dollars on a death star with a fundamental flaw that can be exploited by a one- man star ship, doesn't make sense. so again going up to 100,000, but with the rate people are signing up for this thing, they could get to 100,000 pretty easy. >> i think the whole idea is they didn't count on the ease of signing with the world of the internet. >> it's participate -- it's participatory. >>> the department of environmental services says the a 30-inch culprit broke at the intersection of arlington boulevard and south irving earlier this week. there may be low water pressure between 6 and 9 p.m. the county has responded to breaks this week at stafford and 16th streets south and quincy and 13th streets south as well. >>> changing temperatures may have played a role in all those water breaks. how low will they go? topper has a check of our forecast from the weather terrace. >> with clear skies and winds dying down temps will fall very quickly tonig
. >> which would put a little hole in the deficit. >> the administration does not support blowing up planets. why would we spend countless taxpayer dollars on a death star with a fundamental flaw that can be exploited by a one- man star ship, doesn't make sense. so again going up to 100,000, but with the rate people are signing up for this thing, they could get to 100,000 pretty easy. >> i think the whole idea is they didn't count on the ease of signing with the world of the...
141
141
Jan 13, 2013
01/13
by
CNNW
tv
eye 141
favorite 0
quote 0
. >> we have dialogue about the deficit and we have simpson bowles which everybody ignores, and i know that you have written in the op-ed what is reasonable, and what is reasonable in terms of gun control when it comes to states who understand the gun culture and how deeply it is embedded into the culture of some of the states? >> well, it has to be a little bit of the spectrum like your show, but it has to be from both ends of the spectrum and in tend the duly elected officials get together with an open mind and make decisions based on the people they represent. that is where no labels is so important because we have the politics of the right and the left and the center, and with we have forgotten the politics of all problem solving and representing the people in all that we do. what we are doing today is not normal and for the younger generation growing up seeing the way that politics is playing out is not the norm. that is why joe and i coming from the backgrounds we do, you get the right and the left in a roop wheth room and whether it is on guns or anything else,ing what is the pa
. >> we have dialogue about the deficit and we have simpson bowles which everybody ignores, and i know that you have written in the op-ed what is reasonable, and what is reasonable in terms of gun control when it comes to states who understand the gun culture and how deeply it is embedded into the culture of some of the states? >> well, it has to be a little bit of the spectrum like your show, but it has to be from both ends of the spectrum and in tend the duly elected officials get...
209
209
Jan 21, 2013
01/13
by
CSPAN
tv
eye 209
favorite 0
quote 0
he applauded on a lot of the lines of the deficit and the mention of newtown and other issues, but notably on immigration reform, he just sort of sat there while other members did applaud. whether or not you can read something into that, i am not sure, but it is definitely an opportunity for reaction on the other side. host: to all of these issues we have been addressing the last hour, i want to look at something your colleague wrote in "the washington post." "if the president can reach a broad deal that settles some of the disputes over entitlement spending and tax code and govgiving the government borrowing authority to last through much of the term, he can use that energy to forge a bipartisan, rise on these other big issues to." guest: that is a huge point. one point that ms. mcconnell, republican leader in the senate, has made over and over again is the reason they are using to get them as leverage is they feel the urgency of the issue, and one of the things he said in the past few weeks was that if obama does come to the table and helps to craft a big deal, both sides can agree to, h
he applauded on a lot of the lines of the deficit and the mention of newtown and other issues, but notably on immigration reform, he just sort of sat there while other members did applaud. whether or not you can read something into that, i am not sure, but it is definitely an opportunity for reaction on the other side. host: to all of these issues we have been addressing the last hour, i want to look at something your colleague wrote in "the washington post." "if the president...
147
147
Jan 14, 2013
01/13
by
CNNW
tv
eye 147
favorite 0
quote 0
if the issue is deficit reduction, getting our deficits sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner with me. we can achieve that and we can achieve it fairly quickly. we know what the numbers are, we know what needs to be done. we know what a balanced approach would take, and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's probably been more pain and drama in getting there than we needed. and so finishing the job shouldn't be that difficult, if everybody comes to the conversation with an open mind and if there's some things like paying our bills should not be out of bounds. i'll take one last question. >> mr. president, i would like to ask you, now that you've reached the end of your first term, starting your second, about a couple of criticisms. one that's long-standing, another more recent. the long-standing one seems to become a truism of sorts, that you and your staff are too insular, that you don't socialize enough. and the
if the issue is deficit reduction, getting our deficits sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner with me. we can achieve that and we can achieve it fairly quickly. we know what the numbers are, we know what needs to be done. we know what a balanced approach would take, and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's probably been...
184
184
Jan 13, 2013
01/13
by
KQED
tv
eye 184
favorite 0
quote 0
he's a liberal deficit hawk. he's got very strong views on the safety net and funding of government but he really does believe in doing what can be done to reduce deficits ?ee.'s coming at that time beginning of president obama's second term. second terms are rough. they eventually lead into lake duckery. people jump ship who are working for him. sew needs a strong group to handle the deficiencies that are inherent in a second term. you understand me? >> i understand. i think that's right. >> now, is lew the guy that can do this for him? can he protect him and keep him alive in the sense of politically alive, of course, and keep him vibrant as president? >> look, up to a degree, he can do that. but ultimately still most of the major policy is at the desk of the president. when he said that he was the man who was responsible for three surpluses under bill clinton, let me tell you, bill clinton had three different programs to reduce the budget deficit and bring about that. so it was a presidential decision. it's no
he's a liberal deficit hawk. he's got very strong views on the safety net and funding of government but he really does believe in doing what can be done to reduce deficits ?ee.'s coming at that time beginning of president obama's second term. second terms are rough. they eventually lead into lake duckery. people jump ship who are working for him. sew needs a strong group to handle the deficiencies that are inherent in a second term. you understand me? >> i understand. i think that's...
98
98
Jan 15, 2013
01/13
by
CSPAN2
tv
eye 98
favorite 0
quote 0
the president said a core of an additional $1 trillion deficit reduction. if are going to essentially destabilize the data, say 73% of gdp, we are going to have to, in the next period of time have a deficit reduction of about $1.4 trillion. for me, that's the goal we should set a period and so the argument we're having in addition to what the deficit to the target should be, were having a major battle over what should be the composition of deficit reduction. so let me just give you my point of view. the president yesterday talked about having balance had a thing for us democrats, that's the key. there has to be a mixture of spending cut and further revenue. and we need that balance for three reasons. number one, in order to promote economic growth. in my judgment, it followed that comes from cuts in programs, and i will accelerate economic growth. the second reason relates to income inequality. there has been a startling change in the last 20 years really. the middle-class has essentially been stagnant in the figure really is in 2010, 93% of income growth w
the president said a core of an additional $1 trillion deficit reduction. if are going to essentially destabilize the data, say 73% of gdp, we are going to have to, in the next period of time have a deficit reduction of about $1.4 trillion. for me, that's the goal we should set a period and so the argument we're having in addition to what the deficit to the target should be, were having a major battle over what should be the composition of deficit reduction. so let me just give you my point of...